424 Dicks St · Lebanon, IN 46052

$179,000

3 bd · 2.0 ba · 1,040 sqft · SingleFamily public records · 3 Days on market

Built 1992 7,187 sqft lot Est $205k · 13% under

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Why this score? — see what drove the C+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +25.4/30.0
• ARV discount +13.2/15.0
• DSCR +8.4/10.0
• 1% rule +5.9/10.0
• Schools +3.7/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Ranch 3 bedroom 2 bath home. House has central air, new roof, water softener, tankless hot water on demand, and ceiling fans. All nice appliances stay with home. Relatively open concept with cathedral ceiling in living room open to kitchen. All wood work stained and in great shape. Yard fully fenced in with two car attached garage and a wood deck approx. 15'X12' Great possibility for a rental or a started home. Corner Lot, You must see this home!

Key facts

• Newer construction
• Central heat air
• Flat corner lot

Tags

• FLAT CORNER LOT
• NEWER CONSTRUCTION
• NO HOA
• TANKLESS WATER HEATER
• CENTRAL HEAT AIR
• OPEN-CONCEPT LAYOUT

Property features AI

Exterior

• Parking: Attached finished 2-car garage
• Utilities: Public water; Municipal sewer connected; Solid waste service available
• Home design: Single-family residence; One level
• Construction: Vinyl siding; Block foundation
• Exterior features: Deck; Storage shed; Chain link full fencing; Corner lot

Interior

• Kitchen: Electric oven; Microwave with hood; Dishwasher; Refrigerator; Disposal
• Bedrooms: Three bedrooms, all on the main level; Bedroom 2 (13x12); Bedroom 3 (13x12)
• Bathrooms: Two full bathrooms; Primary bath includes tub with shower
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Cathedral ceilings; Living room (20x16)
• Laundry & utility: Washer and dryer included; Main-level laundry with full connections; Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $179k.

Deal economics

• At list price, monthly cash flow is $410 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $179k).
• Cap rate 9.0% vs local median 3.5% in Lebanon — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 66/100 on livability (#296 in IN) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools C-, amenities F, commute F.
• Lebanon Community School Corporation (town): math 41% / reading 44% proficiency, ranked #115 of 301 in IN (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 183 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals leasing fast (median 8d on market — plan ~1-2 weeks tenant-placement turnaround); 898 units permitted in Boone County in 2024 (0 in 5+ unit buildings).
• This rent runs 34% of the median local income ($69k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Boone County population projected at +46% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 18y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $130k; 38% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $179,000

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
3. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
4. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.09% ✓
• Cap rate: 9.04%
• Cash-on-cash: 9.82%
• DSCR: 1.44
• GRM: 7.7

CMA / ARV

• ARV (on-the-fly): $204,880
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
424 Dicks St	0.00mi	3/2.0	1,040 (0%)	1mo	$184,000	$177	100
907 W Green St	0.27mi	3/1.0	1,055 (+1%)	4mo	$215,000	$204	78
517 Dicks St	0.05mi	2/1.0 (-1)	1,080 (+4%)	7mo	$205,000	$190	77
921 Dicks St	0.30mi	2/1.0 (-1)	1,101 (+6%)	6mo	$219,900	$200	62
1121 S Meridian St	0.37mi	2/1.0 (-1)	964 (-7%)	0mo	$180,000	$187	62
305 E Howard St	0.68mi	3/2.0	1,092 (+5%)	6mo	$234,000	$214	55
1431 Beck St	0.60mi	3/2.0	960 (-8%)	6mo	$196,000	$204	54
817 Hamilton St	0.48mi	2/1.0 (-1)	975 (-6%)	6mo	$185,000	$190	53
734 W North St	0.51mi	3/1.0	1,150 (+11%)	3mo	$186,750	$162	52
525 N East St	0.70mi	2/1.0 (-1)	1,104 (+6%)	6mo	$226,500	$205	43
918 W Chicago St	0.70mi	3/1.0	1,170 (+12%)	1mo	$230,000	$197	41
1525 S East St	0.64mi	2/1.0 (-1)	912 (-12%)	2mo	$162,000	$178	39

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -1.5%
• Equity multiple: 0.94×
• Total profit: $-2,930
• Equity at exit: $26,689

10-year hold

• IRR: 8.1%
• Equity multiple: 1.62×
• Total profit: $30,918
• Equity at exit: $15,477

Cash invested: $50,120 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 90 Strongly Landlord-Friendly
• State Indiana: 90 Strongly Landlord-Friendly · R+11
• County: — inherits STATE
• City: — inherits STATE

10-day pay-or-quit; landlord-favorable; preempted.

Methodology + full state rankings →

ZIP-level market 46052

• Active inventory: 183
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $1,944 high
• Mortgage (P&I): −$939
• Tax from tax record: −$113 /mo · $1,353/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$408
• Net cashflow: $410

Break-even live

Break-even rent $1,425

Max offer price $179,000

Occupancy floor 74%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $44,750
• Closing costs: $5,370
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
117 W Ash St Unit 3 Lebanon, IN	2.0	1.0	900	$1,950	$2.17	43d	1	0.28mi
114 S Meridian St Lebanon, IN	2.0	2.0	1200	$1,595	$1.33	7d	1	0.35mi
315 N Lebanon St Lebanon, IN	2.0	1.0–2.0	582	$1,250	$2.15	1d	2	0.51mi
515 Dogwood Dr Lebanon, IN	2.0	2.0	920	$1,100	$1.20	1d	1	0.96mi
702 Edgewood Dr Lebanon, IN	3.0	1.5	1026	$1,595	$1.55	20d	1	0.97mi
830 Campbell St Lebanon, IN	2.0–4.0	2.0	1728	$1,604	$0.93	1d	1	1.10mi
806 Harney Dr Lebanon, IN	3.0	1.0	1170	$2,500	$2.14	17d	1	1.15mi
901 Kelly Green Ln Lebanon, IN	1.0–3.0	1.0–2.0	1147	$3,299	$2.88	1d	10	1.20mi

Listing history 13 events

1. 2026-05-08
   status Pending
2. 2026-05-07
   status Active
3. 2026-04-25
   status Pending
4. 2026-04-23
   listed $179,000 Active
5. 2020-03-20
   soldstatus $130,000 Sold 455-char remark

   Show marketing remark (455 chars)

   Ranch 3 bedroom 2 bath home. House has central air, new roof, water softener, tankless hot water on demand, and ceiling fans. All nice appliances stay with home. Relatively open concept with cathedral ceiling in living room open to kitchen. All wood work stained and in great shape. Yard fully fenced in with two car attached garage and a wood deck approx. 15'X12' Great possibility for a rental or a started home. Corner Lot, You must see this home!

6. 2020-02-18
   status Pending 455-char remark

   Show marketing remark (455 chars)

   Ranch 3 bedroom 2 bath home. House has central air, new roof, water softener, tankless hot water on demand, and ceiling fans. All nice appliances stay with home. Relatively open concept with cathedral ceiling in living room open to kitchen. All wood work stained and in great shape. Yard fully fenced in with two car attached garage and a wood deck approx. 15'X12' Great possibility for a rental or a started home. Corner Lot, You must see this home!

7. 2020-02-15
   listed $135,000 Active 455-char remark

   Show marketing remark (455 chars)

   Ranch 3 bedroom 2 bath home. House has central air, new roof, water softener, tankless hot water on demand, and ceiling fans. All nice appliances stay with home. Relatively open concept with cathedral ceiling in living room open to kitchen. All wood work stained and in great shape. Yard fully fenced in with two car attached garage and a wood deck approx. 15'X12' Great possibility for a rental or a started home. Corner Lot, You must see this home!

8. 2012-06-28
   historical 367-char remark

   Show marketing remark (367 chars)

   Superior custom home. Open floor plan Great Room w/cathedral ceilings and beautiful stained trim. Interior like new throughout. Newer kitchen lighting and flooring. Newer hi-eff windows. Park-like backyard w/pond and waterfall and fountain. Private patio isolates you from the world outside. Finished garage w/shelving. Fully fenced yard too. Low, low taxes.

9. 2012-06-27
   soldstatus $99,424 367-char remark

   Show marketing remark (367 chars)

   Superior custom home. Open floor plan Great Room w/cathedral ceilings and beautiful stained trim. Interior like new throughout. Newer kitchen lighting and flooring. Newer hi-eff windows. Park-like backyard w/pond and waterfall and fountain. Private patio isolates you from the world outside. Finished garage w/shelving. Fully fenced yard too. Low, low taxes.

10. 2012-06-27
    soldstatus $99,424

    Show marketing remark (367 chars)

    Superior custom home. Open floor plan Great Room w/cathedral ceilings and beautiful stained trim. Interior like new throughout. Newer kitchen lighting and flooring. Newer hi-eff windows. Park-like backyard w/pond and waterfall and fountain. Private patio isolates you from the world outside. Finished garage w/shelving. Fully fenced yard too. Low, low taxes.

11. 2012-04-09
    listed $99,424 367-char remark

    Show marketing remark (367 chars)

    Superior custom home. Open floor plan Great Room w/cathedral ceilings and beautiful stained trim. Interior like new throughout. Newer kitchen lighting and flooring. Newer hi-eff windows. Park-like backyard w/pond and waterfall and fountain. Private patio isolates you from the world outside. Finished garage w/shelving. Fully fenced yard too. Low, low taxes.

12. 2008-04-25
    soldstatus $88,900
13. 2008-02-05
    listed $89,900

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast IN · Partial reset (capped growth)

• Current annual tax: $1,353 · $113/mo
• Projected year-2 tax: $1,437 · $120/mo
• Expected delta: +$84/yr (+$7/mo · 6.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥101°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,332
• − Mortgage interest: −$10,027
• − Property taxes: −$1,353
• − Insurance: −$895
• − Repairs & maintenance: −$1,867
• − Management: −$1,867
• − Depreciation: −$5,207
• Taxable income: $2,117
• Est. tax owed @ 24.0%: −$508
• After-tax cash flow: $4,412/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Lebanon Community School Corporation
• NCES district ID: 1805790
• Math proficiency: 41% ▼ -11.00%
• Reading proficiency: 44% ▼ -5.00%
• Median HH income: $52,178
• Composite: 36.77/100
• National rank: #4571
• State rank: #115 of 301 in IN

Livability — Lebanon

• Score: 66/100
• State rank: #296
• US rank: #11943

Category grades

Amenities F Commute F Cost of living A+ Crime B- Employment C+ Housing A+ Health & safety F User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lebanon, IN
• County: Boone County · 69,822 people
• City population: 23,553
• Metro: Indianapolis-Carmel-Anderson, IN
• Population (ZIP): 23,553
• Household income: $68,930
• Rent vs Own: 25.2% rent · 74.8% own
• Severe rent burden: 235.0

Population outlook (Boone County) Hauer SSP2

• Today (2025): 77,877 people
• By 2030: 85,185 · +9.4%
• By 2040: 99,753 · +28.1%
• By 2050: 113,572 · +45.8%
• By 2075: 145,674 · +87.1%
• By 2100: 161,165 · +106.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 6% Hispanic / Latino 6% Black 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Serbian 4% Slovak 2% Italian 2%
• Foreign-born: 3% · Canada, Jamaica
• Languages at home: 95% English-only · Spanish 4%

Political lean MEDSL · Boone

• 2024 margin: R (+16.0) · D 41.0% · R 57.0% · Other 2.0%
• 2008→2024 swing: +9.8pp toward D · 2008: -25.8pp · 2024: -16.0pp
• All cycles: 2024: R+16.0 2020: R+18.4 2016: R+29.5 2012: R+37.8 2008: R+25.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -188.54%
• Current HPI: 229.2844
• Rent YoY: —
• Metro: Indianapolis-Carmel-Anderson, IN
• State GDP YoY: ▲ 2.90%
• F500 in state: 18

Industry mix (Fortune 500 HQ in IN)

Industry	F500 HQs	Revenue
▸Industrial Machinery	2	$37B
▸Healthcare	1	$177B
▸Pharmaceuticals	1	$45B
▸Metals / Steel	1	$18B
▸Agriculture	1	$17B
▸Packaging	1	$12B

Price history

+99.1% since first listed

13 events — show timeline

• 2026-05-08 Pending — MIBOR as Distributed by MLS Grid
• 2026-05-07 Relisted — MIBOR as Distributed by MLS Grid
• 2026-04-25 Pending — MIBOR as Distributed by MLS Grid
• 2026-04-23 Listed $179,000 MIBOR as Distributed by MLS Grid
• 2020-03-20 Sold (MLS) $130,000 MIBOR as Distributed by MLS Grid
• 2020-02-18 Pending — MIBOR as Distributed by MLS Grid
• 2020-02-15 Listed $135,000 MIBOR as Distributed by MLS Grid
• 2012-06-28 Listing Removed — MIBOR as Distributed by MLS Grid
• 2012-06-27 Sold (Public Records) $99,424 Public Records
• 2012-06-27 Sold (MLS) $99,424 MIBOR as Distributed by MLS Grid
• 2012-04-09 Listed $99,424 MIBOR as Distributed by MLS Grid
• 2008-04-25 Sold (MLS) $88,900 MIBOR as Distributed by MLS Grid
• 2008-02-05 Listed $89,900 MIBOR as Distributed by MLS Grid

Property tax history

+8.0%/yr

Latest (2025): $1,353 · -9.7% YoY. Source: county tax records.